The Co-operators has announced its acquisition of Quebec City-based Assurance Auclair as it seeks to bolster its presence in the province following several years of growth. Terms of the deal were not disclosed.
Assurance Auclair’s portfolio includes personal and commercial insurance policies. The insurer said it will connect with its new clients to discuss their financial needs and any existing insurance coverage a client has will remain in effect for the current term of their policies.
“We have seen steady growth in Quebec during the past seven years, and this is another step on our journey to expand our agency distribution system throughout the province,” said Rob Wesseling, president and CEO of The Co-operators. “We look forward to helping our new clients get the insurance and investment products they need to achieve financial security, and ultimately, peace of mind.”
The insurer currently has more than $47 billion in assets under administration. Two weeks ago, it announced a strategic alliance with Fraser Valley-based Aldergrove Credit Union that enables the latter’s insurance arm to offer The Co-operators’ insurance coverage to clients in Aldergrove, Abbotsford, Langley and Mission, British Columbia.
The Co-operators was ranked as the best auto insurer in Ontario, Alberta and the Maritimes according to a J.D. Power & Associates study. The top two carriers in Quebec are Industrial Alliance and Promutuel.
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